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Companies in the Barron's 500 are ranked by Credit Suisse's HOLT on the basis of changes in sales and return on cash flow. The ranking indicates which companies have done best and worst over the past few years at growing their businesses and deploying their cash flow. But it doesn't forecast how they will do in the future, and it says nothing about whether their shares are inexpensive or overpriced.

Seeking to gauge the prospects for their stocks, Barron's asked FactSet to re-rank the companies by their price/earnings ratios, based on profit estimates for the current fiscal year. A low P/E isn't a guarantee that a stock will rally, and sometimes it isn't even a mark of value; cyclical companies typically have high P/Es when earnings trough, and low ratios when they peak. But a low P/E is often a simple way to tell that a company is out of favor with investors. Thus, it is a metric beloved by value investors, who often profit by heading in the opposite direction from the crowd.

Shares of General Motors have fallen by a third, to $22, since the company's came public again in November 2010 after a 40-day stint in bankruptcy. Sethi notes that GM has revamped its fleet to focus on smaller cars that consumers want. The company is working out its problems in Europe, has $32 billion of cash and short-term investments, and is a sales leader in China.

Yes, Japanese car makers have started ramping up sales in the U.S. again, after recovering from the tsunami that disrupted production of vehicles and parts in Japan last year. But margin-crushing discounting and rebates haven't returned. GM shares trade at six times this year's estimated earnings of $3.65 a share, and at 4.7 times the $4.64 analysts expect the company to earn next year. If consumer demand continues to improve, Sethi thinks that GM shares could be worth $35 in 12 to 18 months.

The story is somewhat similar among airlines. Reduced capacity and rising prices have meant that Delta has stayed profitable in recent quarters, even as crude-oil prices have risen. The carrier's shares closed Thursday at $10.96, closer to their 52-week peak of $11.60 than their low of $6.41. Even so, they trade for a mere five times this year's expected profit of $2.26 a share, and 4.5 times next year's $2.57 forecast.

If demand from travelers stays strong and oil prices retreat even modestly, the shares could be worth $17 to $20, Sethi maintains. (For more on airline stocks, see "On the Runway, Ready for Takeoff".)